Elon Musk Posted A Photo Of His Dog Wearing A Hat On St. Patrick's Day And Now Dogwifhat Is Surging 32% — Leaving DOGE, SHIB In The Dust
Portfolio Pulse from Mehab Qureshi
Dogwifhat (WIF), a meme coin on the Solana blockchain, surged 32% after Elon Musk tweeted a photo of his dog in a St. Patrick's Day hat, outperforming Dogecoin (DOGE) and Shiba Inu (SHIB). The tweet led to increased trading activity for meme coins on Solana, with WIF's volume hitting $568 million, surpassing BONK. DOGE and SHIB saw smaller gains of 3% and 8%, respectively.
March 18, 2024 | 4:28 am
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POSITIVE IMPACT
Dogecoin (DOGE) saw a modest increase of 3% amidst the broader meme coin trading frenzy triggered by Elon Musk's tweet.
While DOGE's increase was modest compared to WIF, the overall attention to meme coins following Musk's tweet contributed to its positive price movement.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Shiba Inu (SHIB) experienced an 8% rise, benefiting from the increased interest in meme coins following Elon Musk's tweet.
SHIB's performance, while not as dramatic as WIF's, still indicates a positive market reaction to the heightened visibility of meme coins due to Musk's tweet.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Solana (SOL) saw record DEX volume of $3.802 billion, likely boosted by the surge in trading activity for meme coins like WIF and BONK.
The record trading volume on Solana's DEX can be attributed to the increased interest and trading activity in meme coins, particularly WIF, following Elon Musk's tweet.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 80
POSITIVE IMPACT
Dogwifhat (WIF) surged 32% following Elon Musk's tweet, indicating a strong market response to celebrity endorsements and thematic events.
The direct correlation between Elon Musk's tweet and the surge in WIF's price highlights the impact of celebrity endorsements on meme coin valuations. The thematic tie-in with St. Patrick's Day further amplified this effect.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100